MARKET VALUE AND VOLUNTARY DISCLOSURE: AN EMPIRICAL STUDY IN COMPANIES LISTED ON BM&FBOVESPA

Authors

  • Claudinéia Boaventura de Sousa Fundação Escola de Comércio Álvares Penteado - FECAP
  • Aldy Fernandes da Silva Fundação Escola de Comércio Álvares Penteado - FECAP
  • Maísa de Souza Ribeiro Faculdade de Economia, Administração e Contabilidade de Ribeirão Preto - FEA/RP
  • Elionor Farah Jreige Weffort Fundação Escola de Comércio Álvares Penteado - FECAP

Abstract

This study investigates empirically the relationship between the market value (measured by Tobin´s q coefficient) and voluntary disclosure of economic, social and environmental information by companies listed on the BM&FBovespa from 2007 to 2011. The results indicate a significant positive relationship between economic voluntary disclosure and the market value of firms, as well as, a significant negative relationship between the market value and environmental voluntary disclosure, suggesting a tradeoff between the view of the investor and manager. Concerning social voluntary disclosure, the results did not indicate significant relationship.

Keywords: Market value; Voluntary disclosure; Corporate Social Responsibility.

 

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Author Biography

Aldy Fernandes da Silva, Fundação Escola de Comércio Álvares Penteado - FECAP

Bacharel em Estatística pela UFMG, onde atuou como docente, Mestre em Estatística pelo IME/USP e Doutor em Engenharia de Produção pela POLI/USP. Atualmente, é Professor Extra-carreira na Fundação Getúlio Vargas EAESP e Professor Pesquisador do Mestrado em Ciências Contábeis da Fundação Escola de Comércio Álvares Penteado (FECAP), onde desenvolve pesquisa na área de modelagem de risco em seguros e métodos estatísticos aplicados à administração, contabilidade e atuária. Atuou como consultor de estatística em projeto temático da Escola Politécnica da USP sob financiamento da FINEP. Foi professor Pesquisador Principal de projeto de pesquisa financiado pela FAPESP no período 2011 a 2013.

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Published

03-07-2014

How to Cite

DE SOUSA, C. B.; SILVA, A. F. da; RIBEIRO, M. de S.; WEFFORT, E. F. J. MARKET VALUE AND VOLUNTARY DISCLOSURE: AN EMPIRICAL STUDY IN COMPANIES LISTED ON BM&FBOVESPA. REVISTA AMBIENTE CONTÁBIL - Universidade Federal do Rio Grande do Norte, [S. l.], v. 6, n. 2, p. 94–115, 2014. Disponível em: https://periodicos.ufrn.br/ambiente/article/view/4886. Acesso em: 23 nov. 2024.

Issue

Vol. 6 No. 2 (2014): Jul./Dez.

Section

ARTICLES

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